A wealth manager and Financial Planner firm, Facet Investment Management Limited, has gone into administration.

The FCA reported the failure this week and the Financial Services Compensation Scheme has opened an investigation into the firm (FRN: 131372) which was based in Crawley, West Sussex.

Last week, the director of Facet Investment Management Limited placed the firm into administration and Ian Lawrence Goodhew and Abigail Shearing from business recovery firm Voscap have been appointed as Joint Administrators.

John Richard Mitchell is listed on Companies House records as the only active director of the firm.

Facet is a wealth management and Financial Planning firm that provided discretionary investment management services. The FCA register shows the firm was authorised form December 2001.

In June the FCA placed restrictions on the firm (including its appointed rep Berkeley Financial Partners Ltd (FRN: 654149) which prevented it from carrying out Part 4A regulated business without FCA permission. The FCA also applied other restrictions on moving assets.

The FCA said that customers may have received financial advice from Berkeley Financial Partners, who act as an appointed representative of Facet. Both Facet and Berkeley are owned by a non-regulated group called Brook Capital Ltd.

FACET was acquired by Brook Capital in 2013

Voscap expects to contact customers of Facet within 8 weeks with more information about returning investments and details of how to complain.

Facet customers can find more information about how they will be affected here:

• Website: https://www.facet-im.co.uk/Link is external
• Client Helpline: 0207 769 6831 
• Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

The FSCS said it was now open to customer claims but these would would held pending its investigations into the company.